<p>There are a lot of things you can do to reduce your EFC. Your parents can quit their jobs the year before you go to college so their income is low. That would have a big impact on your EFC. They can also give away their assets, which is what you are asking about. </p>
<p>When you post here with these questions, it would not be right for any of the parents to say it is ok to do something that may well have implications. If your family is one that is picked for verification, or if the school where you are applying wants verification forms, large movements of money like that are sure to be noticed. Whether your explanation will hold for the college financial aid officers is a whole other thing and depends entirely on their judgment which is final in these cases. </p>
<p>People do scurry to rid themselves of assets before the financial aid process. Sometimes the explanation does not fly if the college fin aid officer feels that it smacks of trying to get out of paying for college. Be aware that this happens enough times that those schools that do give generous aid tend to be more scrupulous in their investigations. Be prepared to explain any money transfers the year before college and during college if you are expecting financial aid. </p>
<p>What is your family income range? Though $400K sound like a lot, depending on your parents’ ages and number of dependents, that is about $20K off of your EFC. The income is where you will be hardest hit for institutional EFC.</p>